Property in Sicily, Italy - grow oranges and cultivate
a suntan at a much slower pace of life
No, we won't do the one about putting in an offer they
can't refuse.
Investing In Sicily, Italy - Property And Real Estate - An
Opportunity For Overseas Home & Villa Buyers by :
Paul Symonds
Sicily Italy is the only Mediterranean island which is yet to become
a tourist trap. This means that prices are still lower than some other
destinations and for now, a more peaceful environment - yet one with a
lot of culture with excellent climate, food and beaches.
With the introduction of the new Euro currency on January 2, 2002, in 12
countries (known as the Euro zone), there were many questions over how
Italy's involvement with the change from Italian lira to Euro would
affect their economy and as a result, property and real estate prices.
Prices in Sicily in fact have risen quite heavily since 2002. An
apartment owned by a friend in Catania city centre, for example, has
risen from €350,00 to €500,000 and other properties have risen
similarly. This trend is similar in the UK and Irish markets and if also
occurring in countries such as Malta.
With the increase in prices, is it still worth investing in Sicily in
2006 and 2007? Personally I think it is still a viable investment area
and when you consider that tourism is still in its infancy in Sicily,
yet more and more airlines and package companies are beginning to
include Sicily as a destination, investment interest can only increase.
In the last 2 years, British Airways, Ryanair and Air Malta have all
started new DIRECT flights into either Catania or Palermo, Sicily.
Is Sicily and mainland Italy stable in terms of political stability?
Berlusconi is now out and Prodi is in. It is arguable of course, as to
how the loss of power to Berlusconi will change things, but many
foreigner investors I have discussed this with seem to feel very
positive with Prodi now in power. The Italian economy has been one of
the worst performing in Europe under Berlusconi hence the introduction
of Prodi is seen by many as a sign of hope of change.
If you are looking at buying in Sicily Italy, there are many pros and
cons, so consider carefully and think about what it is you are looking
for.
The pros:
- Great weather
- Delicious food
- Lovely beaches
- Laid back mentality
The cons:
- An infrastructure which is still lacking and poor public
transportation
- Few people speak anything but Italian (so you really need to
speak some Italian)
- Maybe a little isolated for some people from the mainland of
Italy.
Make sure you do your home work and have a fluent Italian speaker
checking all documentation when buying. There is a proverb in Italian
which loosely translates to say that if you are cheated, you are at
fault for allowing yourself to be taken advantage of. Enjoy the food,
the long hot summers, eating fresh fish on the veranda, but learn some
Italian and have a good lawyer.
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